Complex Investments - Buys restricted

Has freetrade said why they’ve implemented restrictions without having a complex investments process setup before hand? Have they been given a slap on the wrist by regulators for something?

1 Like

Bluefield was one of my largest holdings. I only received a generic reply back when I enquired further. Decided to sell it completely. Bought Sequoia £SEQI and JLEN £JLEN as alternatives. Still have shares in £TRIG, and £FSFL but no “warnings” for them. I probably sold for no good reason, but if I can’t understand a situation, not staying in.

I’ve come from Reddit, so only happy when I see lots of red on the page :slight_smile: Down 35% in total in 12 months, but buys per month higher than last year and already 50% of ISA allowance spent. Would switch SIPP to FT, but no employer contribs facility. I hope someone from FT reads this.

2 Likes

Are they seriously suggesting crypto will be offered?
It is the definition of gambling.

2 Likes

Crypto is very much on Freetrade’s target, this is widely known now. I think its a matter of when not if but saying that it could still be a few years off but I hope I’m not waiting that long.

1 Like

Has anyone had any update on expectations for the questionnaire being implemented?

Seem to have been very quiet on this topic

Seems to be very quiet on a fair few topics.

1 Like

Steady on Scott, they’ve only just started kicking this can down the road!

Ahhhhhh, peer to peer lending, those were the days.

:joy::roll_eyes::grimacing::woozy_face:

3 Likes

In the meantime, while the questionnaire is formed, could REITs be permitted in ISA to offsett the loss of some instruments?

A bit of “give” to counter the “take”?

3 Likes

Has anyone had any more information from freetrade on this? When can we expect them back?

Some of these securities like GSF and BSIF are not listed as complex investments on other platforms, so its confusing as to why they’ve been removed without much explanation

Had there been any update or timescale put on this yet?

3 Likes

I just want to confirm that Freetrade has to deal with some regulatory matters here before these shares are available again to buy. Freetrade takes such matters extremely seriously and is abiding with the requirements that the FCA stipulates for our protection.

The intention is definitely to make these shares (and possibly others) available once the right procedures have been put in place. I do not know exactly what date these shares will be available to purchase.

In my opinion, when Freetrade has more to say than

it will immediately share.

Again, to be very clear Freetrade is already working on this (the work is well on its way). There are several moving parts as it affects present and future product plans. Clearly by us asking if there an update yet is not going to speed up anything.

Once the lay of the land is 100% Freetrade will share the plans with the community.

cc. @DanLane

1 Like

Good to know. I think the issue (at least for me) was the surprise removal, there doesn’t seem to have been an official post or communication on the removal? So it’s caught at least me off guard and it wasn’t clear why some but not other instruments were removed. Or why some were removed when there not marked as complex on any other UK broker (not that the FCA give a list) so the criteria seems confusing.

TRIG is still available for example despite their KID stating that it is only suitable for investors who are capable of evaluating the risks and merits of the investment.

NBMI uses the same wording. It’s only for investors capable of evaluating the risks and merits of the investment.

But NBMI was removed and TRIG was not? Even though they state the same thing.

BSIF I can understand, as they specifically state it is not primarily intended for retail investors (though funny enough is available on other platforms without being marked :crazy_face:).

Not to say there aren’t other factors in the decision. It’s not like the FCA gives a list.

That’s is to say, nothing is particularly clear at the moment about what the actual situation is, and it’s been over a month. Do we need to avoid other investments which will be removed in the future and buy them elsewhere? Is it just a short term issue?

No communication = panic

Hope to hear from freetrade soon when they have all the info together :slightly_smiling_face:

3 Likes

I guess you are allowed to panic whether or not there is communication :joy:

There was direct communication from Freetrade to people who had the relevant shares and they were informed that they would not be able to purchase again until procedures were put in place. If you did not have the shares then you can no longer ‘discover’ them and correspondingly buy them.

2 Likes

Which is just slightly annoying as I now have shares living on another broker as freetrade removed them without notice before I could move them.

They’re all alone :cry:

Hopefully it’s not a difficult fix. It’s just a quick questionnaire on other platforms

3 Likes

Any update on this? Trying to sell, but when I press the sell button, it shows me as having 0 shares (Apax Global Alpha) available. I actually have 100 as confirmed in the portfolio.

Have you got a trigger order placed?

1 Like

Doh! :face_with_open_eyes_and_hand_over_mouth:

Cheers @NeilB

2 Likes

Just following-up on TheRaven’s note, would be great to have an update on status indeed. Thanks!

PR

1 Like